Kuala Lumpur: Felda Global Ventures Holdings Bhd (FGV) is still in the midst of discussion to find a strategic partner to expand its markets and this does not involve the sale of equity, said Group President and Chief Executive Officer Datuk Zakaria Arshad.He said FGV has been in discussions with many parties, among them, companies from China, India, Pakistan, Middle East & North Africa to find a potential partner to work together for the long-term and to expand its downstream market.Zakaria also denied a local daily report that three Chinese companies were eyeing strategic stakes in FGV.
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"Currently about 80 per cent of FGV's revenue is generated from its upstream business and we are eyeing to increase contribution from our downstream business to between 30 per cent and 40 per cent after 2020," he told reporters after the launch of a new logo for the "Saji" brand here Wednesday by Chairman Tan Sri Isa Samad.Zakaria said FGV was strategising to add value to its products, together with potential partners to sell directly to destination market and consumers instead of using traders.
However, he said FGV would have no control over those partners who buy its shares in the open market and welcomed those who were interested in its undervalued share as it had potential for growth.On the China market, Zakaria said FGV already had a plant there but as a foreign company it had limitations in terms of licencing and distribution, hence, was looking for strategic partners to grow together.
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Meanwhile, the Chief Executive Officer of Delima Oil Products Sdn Bhd, a subsidiary of FGV, Datuk Wira Adam said the brand had become a household name for cooking oil in Malaysia for almost 20 years."We hope to give a fresh and contemporary consumer friendly appearance to the Saji logo to attract the new generation of consumers and retain our loyal users," he said.
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Along with the cooking oil, Saji also has complimentary products in the culinary line to add value to its list of palm-based products in an effort to penetrate niche markets."Our cooking oil currently contributes 97 per cent of our revenue and complimentary products will complete the reach to our consumers," he added.
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Over the years, DOP has introduced several fast-moving consumer products under the Saji brand including Saji Mayo, Saji creamers and Saji Instant noodles.Wira said more palm based and sugar-based products would be introduced this year apart from Chilli sauce, mountain salt, corn creamer and 'kaya' which were launched Wednesday. – Bernama
